Best place to get USD

[Aust]

I want to get some USD soon but I'm not sure which places usually have the best rate - does anyone have any recommendations?

 

[Oz-kateer]

Australia Post.

They have good rates and are commission free for cash or travellers cheques.

Check their rates here: https://www.fxyou.com/australia/americanexpress/rates.cfm

Don't forget it's the SELL rate you are looking for, not the BUY rate. The rate they quote in the news is usually closer to the buy rate, which is a few cents in the $$ higher than the sell rate.

So, for today, at the sell rate 0.8882, you'll get approx $888 USD for every $1000 Australian you hand in - no fees for commission.

Only drawback with Australia Post is that you can't get the $$ immediately - you have to pickup the next working day. But if that's not an issue for you you can save quite a few % than if you do it on the spot at a bank, who will charge fees, or (horrors) at the airport where they will take you for a complete ride with the rates and the fees.

 

[DizOz]

I have been keeping an eye on rates over the past month from various banks and institutions and found NAB have had the best rate. Comes down to how much you are exchanging and any fees charged.

NAB today for a AUD1000 you get USD893.2

 

[Oz-kateer]

Hi DizOz - that would be an international cheque/telegraphic transfer rate, and subject to 1% commission - so you have to drop the rate accordingly.

The cash and regular travellers cheque rate would be about 0.75 to 1 cent or so lower, and also subject to a 1% bank commission.

It all pretty much comes out in the wash and depends on what's convenient for you.

Make sure when you compare rates you compare apples with apples - the rate the advertise as their "exchange rate" doesn't apply for all products.

 

[PoohBear1988]

I have used travelex.com.au for my previous trips.

If you use BPay there are no fees (but it does state on their website it takes about 5 business days for them to process the order and be ready for pickup - although I have always received an email telling me my order is ready to be picked up before the designated day) and I can pick it up from my local shopping centre.

 

[Oz-kateer]

Dollar was great today - exchanged for travellers cheques at Australia Post - for $1497AUD I got $1360USD - was something like 90.8c SELL RATE. In this market, very good! And no commissions.

Anyone else found any exchange rate bargains lately?

Anyone forecasting?

 

[Aust]

Thanks everyone, I didn't know you could get USD at Australia Post! I got some there today (well ordered it for pickup tomorrow), the rate was 0.902 and no commission so very happy.

 

[PrincessInOz]

Anyone forecasting?

Aussie dollar is holding up because of strong Chinese economic data.
There should be US economic data released in the next 2 weeks. Who knows what will happen in the US data is deemed 'negative' - more than likely the Aussie will continue to rise; if China continues to power along.

Medium to longer term - depends on the European sovereign debt; and whether the US Fed is going to raise interest rates. If the Fed raises interest rates, our dollar is likely to drop.

 

[heidispidi]

I read somewhere today that it could go as high as 96c before the end of the year. That said, they also sad we'd hit 1 for 1 earlier this year, then it plummeted below 70c! I WILL get off my bum and buy some cash at Oz Post tomorrow

 

[PrincessInOz]

Reuters forecast a high this year of $1 and a low this year of $0.74. Either option is still valid as far as Reuters is concerned.

At 93 cents, there is a 7 cent differential to the high. So for every $1000 you change, that is an extra $70 to spend.
But there is a 20 cent differential to 75 cents. So for every $1000 you change, it will cost you an extra $200.

And what's that they say about the Aussie dollar.....the Aussie dollar inches up slowly to the high but slides down real fast to a low!

I know what I'd be doing tomorrow....same as Heidispidi!

 

[heidispidi]

I bought US$1000 for AU$1100.95 this afternoon at Aust Post. So that's a rate of 0.9083. About the same as I bought my 1st $2000 for my ANZ card back in I think April?

Pick up Thursday. I'm hoping they give me a few different notes, as I wasn't expecting to be buying a round $1000 figure LOL.

 

[aussiegirls]

I am off to get some more tomorrow. Was going to convert $1000 but I am now thinking more like $1500 - will someone please talk me out of it.

Heidi, when I got $1000 from Aust Post last month they gave it to me in all $50 bills. I suppose it all adds up to the same amount but I was still surprised, I thought they would at least mix it up a little

xxx

 

[heidispidi]

Buy the $1500 I guess I can accept $50s - my DD is already trying to claim half!